The 15 per cent holding owned by the octogenarian businessman has been transferred at `nil' consideration, according to a notice to the Hyderabad Stock Exchange on Wednesday.

This is in line with Raju's reported intention to reduce his role in the group's day to day business and concentrate more on philanthropic activities and pave the way for the younger generation in the family particularly his grandchildren. However, he continues to be the chairman and managing director of Vishnu Cements, which too has become the bone of contention between ICL's Srinivasan and Raju.

"He no longer seems interested in new and varied business and limits himself to Vishnu only", family sources had told The Financial Express

sometime back. That is perhaps one of the reasons why he chose only to lend his name to the new cement venture of the family Anjani Cement, leaving grandson KV Vishnu Raju to don the mantle of MD of the new company, they said.

He has of late also been paying attention to the various religious and philanthropic trusts run by the family both in Hyderabad and his native village Bhimavaram, in the West Godawari district.

RFIL, which is a listed company on the HSE, with a capital base of 40 lakh equity shares with a face value of Rs 10 each. Raju himself held 15 per cent of these while a major chunk of the remaining are with family and friends. According to Usha Rani, the negotiated transaction would be concluded on July 20, 1999, in accordance to Sebi regulation 3 (1) (e) (ii). As per the Sebi regulation the transaction can be categorised as "inter-se transfer of shares amongest the relatives of the promoter-director" described in the clause.